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Technical Outlook:

Nifty (Spot):

Nifty witnessed a smart bounceback from the 16480 support level followed by a minor pullback. On the upside, 16800 is an immediate hurdle but there is a good chance that Nifty may take out the 16800 level for a short covering rally towards 200-DMA which is currently placed at the 17000 mark. On the downside, 16640 will be the immediate support level after a gap-up opening.

Bank nifty :

Banknifty has a more bullish structure as it trades above its 200-DMA and it is likely to breakout trendline resistance placed at 37000 level and that may lead to a short covering rally towards 37500 level. On the downside, 36700 will be immediate support after a gap-up opening

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